Soybeans hit 1-week low

March 09, 2018

SYDNEY- US soybeans edged lower on Thursday to hit a one-week low, as traders readied for a widely watched US Department of Agriculture report that is expected to confirm lower production from Argentina, one of the world’s largest exporters.

Wheat edged higher, rebounding from losses of 2 percent in the previous session, while corn fell.

The most active soybean futures on the Chicago Board of Trade were down 0.3 percent at $10.62-3/4 a bushel. They earlier fell to their weakest since March 1 at $10.62-1/4 a bushel, after closing down 0.9 percent on Wednesday.

Analysts attributed the loss to a degree of caution ahead of the latest USDA supply and demand report later in the session.

“The market’s main focus will be on how much the USDA cuts the estimate of Argentina’s soybean crop,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.

The market expects the USDA to cut its estimate for Argentina soybean production to 48.36 million tons, a Reuters poll showed.

The loss to world supply is likely to be partially offset by higher production in Brazil. - Reuters

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